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Is mandatory disclosure an effective consumer protection mechanism in Australian real estate markets? The perspective of Queensland industry experts

Miller, Evonne, Duncan, William D., Christensen, Sharon A., Corones, Stephen G., Round, David , Burdon, Mark, & Stickley, Amanda P. (2006) Is mandatory disclosure an effective consumer protection mechanism in Australian real estate markets? The perspective of Queensland industry experts. In Social Change in the 21st Century Conference, 2006, Brisbane.

Abstract

This exploratory qualitative study investigates the reaction of the selling side of the real estate market to mandatory disclosure of information as a consumer protection mechanism in residential property transactions, the largest purchase most consumers will ever make. In Australia, where mandatory disclosure requirements for vendors, mortgage providers and real estate agents vary on a state by state basis from stringent to no formal legal information requirements, little is known about the relative effectiveness of different disclosure regimes or whether the red tape and compliance costs of disclosure may outweigh the benefits. To address this research gap, in-depth interviews were conducted with five Queensland industry experts (lawyers, real-estate agents, mortgage provider). These interviews highlight the transaction costs and benefits of disclosure from the perspective of the supply side of the market, and raise questions about the perceived legal, economic and social effectiveness of mandatory consumer protection mechanisms in the Australian real estate market. Future research directions are outlined in light of these preliminary findings.

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ID Code: 10255
Item Type: Conference Paper
ISBN: 1741071291
Subjects: Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > SOCIOLOGY (160800) > Social Change (160805)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Property Law (excl. Intellectual Property Law) (180124)
Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > SOCIOLOGY (160800) > Applied Sociology Program Evaluation and Social Impact Assessment (160801)
Divisions: Current > QUT Faculties and Divisions > Faculty of Law
Copyright Owner: Copyright 2006 (The authors)
Deposited On: 22 Oct 2007
Last Modified: 29 Feb 2012 23:23

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